Common use of Interim Redetermination Clause in Contracts

Interim Redetermination. In addition to the Borrowing Base redeterminations provided for in Section 2.02(b), the Agent and the Banks may, either in their sole discretion or at the request of the Borrower and based on such information as the Agent and the Banks deem relevant (but in accordance with Section 2.02(d)), make one additional redetermination of the Borrowing Base during any 12-month period. The party requesting the redetermination shall give the other party at least 10 days' prior written notice that a redetermination of the Borrowing Base pursuant to this paragraph (c) is to be performed. In connection with any redetermination of the Borrowing Base under this Section 2.02(c), the Borrower shall provide the Agent and the Banks with such information regarding the Borrower and the Guarantors' business (including, without limitation, its Oil and Gas Properties, the Proven Reserves, and production relating thereto) as the Agent or any Bank may request, including, in the case of requests for an increase to the Borrowing Base of $1,000,000.00 or more, an updated Independent Engineering Report. The Agent shall promptly notify the Borrower in writing of each redetermination of the Borrowing Base pursuant to this Section 2.02(c) and the amount of the Borrowing Base as so redetermined.

Interim Redetermination. In addition to the Borrowing Base redeterminations provided for in Section 2.02(b), the Agent and the Banks may, either in their sole discretion or at the request of the Borrower and based on such information as the Agent and the Banks deem relevant (but in accordance with Section 2.02(d)), make one additional redetermination of the Borrowing Base during any 12six-month period. The party requesting the redetermination shall give the other party at least 10 days' prior written notice that a redetermination of the Borrowing Base pursuant to this paragraph (c) is to be performed. In connection with any redetermination of the Borrowing Base under this Section 2.02(c), the Borrower shall provide the Agent and the Banks with such information regarding the Borrower and the Guarantors' business (including, without limitation, its Oil and Gas Properties, the Proven Reserves, and production relating thereto) as the Agent or any Bank may request, including, in the case of requests for an increase to the Borrowing Base of $1,000,000.00 or more, an updated Independent Engineering Report. The Agent shall promptly notify the Borrower in writing of each redetermination of the Borrowing Base pursuant to this Section 2.02(c) and the amount of the Borrowing Base as so redetermined.

Interim Redetermination. In addition to the Borrowing Base redeterminations provided for in Section 2.02(b2.10(b), the Agent and the Banks Lenders may, either in their sole discretion or at the request of the a Borrower and based on such information as the Agent and the Banks Lenders deem relevant (but in accordance with Section 2.02(d2.10(d)), make one additional redetermination of the Borrowing Base during any 12six-month period. The party requesting the redetermination shall give the other party at least 10 days' prior written notice that a redetermination of the Borrowing Base pursuant to this paragraph (c) is to be performed. In connection with any redetermination of the Borrowing Base under this Section 2.02(c2.10(c), each of the Borrower Borrowers shall provide the Agent and the Banks Lenders with such information regarding the Borrower and the Guarantors' such Borrower's business (including, without limitation, its Oil and Gas Properties, the Proven Reserves, and production relating thereto) as the Agent or any Bank Lender may request, including, in the case of requests for an increase to the Borrowing Base of $1,000,000.00 1,000,000 or more, an updated Independent Engineering Report. The Agent shall promptly notify the Borrower Borrowers in writing of each redetermination of the Borrowing Base pursuant to this Section 2.02(c2.10(c) and the amount of the Borrowing Base as so redetermined.